Word: bankses
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A World of Debt The U.S. Treasury Secretary reminds us that we're in a recession where debt as a share of the economy has risen to extraordinarily high levels [June 29]. Timothy Geithner says: Remember, this is a crisis born in part of the fact that households around the...
Banks hate the idea of a CFPA and reportedly plan to spend millions of dollars on TV ads and other efforts to thwart it. Members of Congress are griping about the way it steps on the toes of existing agencies they like. And those on the political right have taken...
The main thrust of the legislation is to take the consumer-protection responsibilities (and consumer-protection regulators) now housed at the Federal Reserve and other banking agencies and give them their own new home. In trying to balance the joint responsibilities of protecting consumers and keeping banks safe and sound...
The most reasonable objection the banks have to the CFPA is that its reach is too limited, hence subjecting banks to burdens other financial firms won't bear. Products regulated by the Securities and Exchange Commission and Commodity Futures Trading Commission would be exempt from CFPA oversight, as would most...
It's an odd statement, given that all consumer financial regulation is based on the premise that individuals need help from government in dealing with banks and other lenders. From the 1930s through the '60s, banks were straitjacketed by D.C.-dictated interest-rate and lending rules meant to keep them...